Fondex Review - is it scam or safe?

RECOMMENDED FOREX BROKERS

Trading Accounts & Conditions

Account type

Min. deposit

Max. leverage

Spread

Standard

$25.00

1:500

1.2 pips

A Cypriot forex broker, Fondex seems to offer a single account type with variable spreads on the cTrader platform with comparatively high leverage levels. There are also offers swap-free (Islamic) accounts available to Muslim investors.

Fondex Advantages

Solid regulation, part of the TopFX family

The main selling point of Fondex is that it is owned by TopFX limited, a companylicensed by the Cyprus Securities and Exchange Commission (CySEC). It also has several EEA registrations – with UK’s FCA, and Germany’s BafFin. Actually, Fondex is a part of the TopFX family, which, apart from TopFX (a multi-asset Prime Brokerage providing liquidity solutions to corporate and brokerage clients), also includes Kawase and MaxFX brokerage brands.

cTrader platform available

Fondex, as well as the other brands of TopFX, uses the cTrader platform. This is is an award winning ECN multi-asset trading solution, developed by Spotware. cTrader is generally known for its good execution, precise quotes with full pricing transparency and tight spreads.Fondex’ cTrader suite includes a PC, web and mobile versions, as well as cMirror, Spotware’s mirror & social trading application.

Click on the image to zoom in.

Competitive spreads

When we tried out Fondex’s cTrader in demo mode, we found the spreads on EUR/USD floating around 1.2 – 1.3 pips, which is on line with the industry average. For further information and comparison on spreads, check out our dedicated page:

In order to open an account with Fondex, one has to deposit just $25, which is quite an attractive offer. Most brokers require at least $100 - $250 as a start.

Up to 1:500 in leverage

Clients of Fondex are able to use high leverage levels, reaching 1:500. Although such ratios multiply your trading power, they also multiply the risks involved in margin trading. That is why we advise novice traders to use lower leverage levels

FondexDisadvantages

No choice of trading platforms, no MT4

cTrader is probably the second most popular forex trading platform, after MetaTrader. Yet, many brokers who offer cTrader or another trading solution, also support the MetaTrader 4 (including one of the other brands of TopFX – MaxFX). The reason for this is that many traders have used to the numerous benefits of MT4, and most notably its superior charting and useful Expert Advisors.

Conclusion

Overall, the offerings of Fondex seem attractive. Clients of this broker are able to use high leverage levels, while they can open an account with just $25. Furthermore, the spreads are good and the broker uses a true ECN platform – cTrader. Nonetheless, the main advantage of Fondex is its reliability.

Fondex is one of the brands of TOPFX Ltd. – a company, regulated by the Cyprus Securities Exchange Commission (CySEC). Regulation in Cyprus is one of the most popular in Europe, as it is not as strict as those in other countries (UK), and yet provides a good credibility level. Brokers regulated by CySEC have to maintain certain net tangible assets, to keep clients’ money in segregated accounts, to report transactions, and more. Besides, licensed entities are under the umbrella of the Investor Compensation Fund. The fund can provide compensations to a maximum of 20,000 EUR per person in the event of broker insolvency.

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage - one of the highest in the industry.

Exness is a leading forex broker, offering MT4 and MT5 platforms. Traders can take advantage from a true ECN environment and trade on ultra tight spreads, starting from 0 pips.

HYCM is global forex broker with more than 40 years of operational experience, regulated by FCA in the UK. Trade Forex with spreads as low as 0.2 pip

Forex trading carries a high level of risk and may not be suitable for all investors. Before you engage in trading foreign exchange, please make yourself acquainted with its specifics and all the risks associated with it.
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